Secured protection for risk holders

To secure direct default protection for millions of underlying credit securities, investors can negotiate new Covered Put Option™ (CPO) securities, which pay a strike price equal to the par value of the underlying security upon exercise.

All DelphX participants can anonymously negotiate, purchase and trade CPOs that precisely meet their protection or speculation requirements. Tailored CPO protection is available for millions of underlying corporate, municipal, sovereign and other credit issues.

All CPOs:

Are competitively negotiated among participants within the DelphX facility

Have a fixed face amount and premium and term and either fixed or market-based collateralization

Are eligible for trading within the DelphX facility upon issuance

Continually adjust in value based upon the current default-risk of the underlying security

Meet Bond Market 2.0

About

DelphX is transforming global capital formation by using risk-diffusing technology to build a better credit market for institutional investors. As an unbiased service provider dedicated to optimizing credit markets, DelphX offers investors a means to reduce their risk and achieve better yields to promote increased liquidity for both individuals and the overall market.